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Quinn bank transaction explanations 'totally inadequate', court told

Lawyers for the Quinns said they would swear documents outlining the explanations

Lawyers for the receiver appointed over assets of the family members of bankrupt businessman Seán Quinn have said the family's explanations for various bank transactions and other matters were "totally inadequate".

The receiver and the Quinns reached agreement in the Commercial Court in February over providing explanations sought by the receiver for a number of matters.

These included what were described as "huge" sums of money passing in and out of accounts held in the joint names of Ciara Quinn and some of her children during 2011 and 2012.

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Senior Counsel Michael Collins, for the receiver, said he wanted these explanations to be given under oath in sworn documents as the explanations they had received via correspondence so far were "inherently improbable".

Mr Collins also said an explanation provided by one of Seán Quinn's sons in law, Stephen Kelly, as to why a laptop he had handed over was blank was also "not entirely credible".

He said they were not applying to cross-examine Mr Kelly about his explanation at the moment.

But he said the laptop was being further forensically examined and they may wish to cross-examine after that.

Lawyers for the Quinns said they had fully complied with the consent order made in February and had provided explanations sought by the receiver.

Mr Collins claimed the Quinns had complied in a technical manner only and the substance of their replies was totally inadequate.

The matters that have been queried by the receivers include transactions on the account of Colette Quinn, lodgements to the account of Stephen Kelly, withdrawals by another of Mr Quinn's sons in law, Niall McPartland, and lodgements to the account of Karen Woods - Seán Quinn jnr's wife.

Lawyers for the Quinns said they would swear documents outlining the explanations they had given so far.

The Quinn family has again strongly denied allegations made in the Commercial Court last week by lawyers for the former Anglo Irish Bank.

The bank told the Commercial Court it had received information from two informants that the Quinns may have hidden €500m in gold and cash.

In court, lawyers for the Quinns said they had not been told the bank was going into the Commercial Court and the first they learned of the allegations was in the media.

Charlotte Simpson said very serious allegations had been made by the Irish Bank Resolution Corporation.

She said the Quinns denied these allegations in the strongest possible terms.

In a statement issued at the weekend the family called the allegations "absolute, scurrilous lies".